LexisNexis® Legal Newsroom
New Foreclosure Statute in New York -- Lawmakers Hammer Mortgage Lenders

New York State has passed foreclosure statutes which will impose considerable delay upon the mortgage foreclosure process and create numerous new opportunities for borrowers and other defendants to contest the foreclosure case. The law will also expose lenders to potentially significant repair and...

Real Cases in Real Estate by Andrea Lee Negroni, Esq. – January 3rd Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

Ballard Spahr LLP: Ballard Spahr Notches Significant Success in Notice Defense against Mortgage/Deed of Trust Claims

By Alan S. Kaplinsky , Jonathan C. Lippert , Gary C. Tepper and Daniel J. Tobin In a per curiam opinion believed to be the first decision on point issued by an appellate court, the U.S. Court of Appeals for the Fourth Circuit held that a borrower must give a mortgage lender prior notice and...

Bruce Bergman on Foreclosure: Legal Fees to Mortgage Borrowers? - Analysis, Webinar and Video

It is old news that in mortgage foreclosure cases recovery of reasonable fees to the foreclosing lender can be available if the mortgage so provides. Until recently, such legal fees were not usually available to borrowers. New York law enhanced borrowers' options, effective December 20, 2010...

BuckleySandler LLP: CFPB Files Amicus in TILA Rescission Case

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-March-30-2012 On March 27, the CFPB announced that it recently filed...

Real Cases in Real Estate By Andrea Lee Negroni, Esq. – May 29th, 2012 Update

Real Cases in Real Estate is a weekly update on real estate law, with legal principles illustrated and explained by lawsuits from around the country. The topics are wide-ranging for appeal to a broad spectrum of readers including lawyers, homeowners, investors and the general public. Andrea Lee...

Troutman Sanders LLP: VA Supreme Court Rules Face-to-Face Interview Required Before Foreclosure

By David N. Anthony , John C. Lynch , Ethan G. Ostroff and Maryia Y. Jones On April 20, 2012, in a surprising decision, the Supreme Court of Virginia revived borrowers' claims against defendant loan holder and servicer, concluding that the borrowers' non-payment under a home loan did not constitute...

Troutman Sanders LLP: 11th Circuit Upholds Bankruptcy Court’s Finding that Payment to Lender by Borrower Subsidiary Was a Fraudulent Transfer

By Martin W. Taylor and Meghan Canty Sherrill The 2009 bankruptcy court decision commonly known as the TOUSA decision caused shock waves throughout the lending community as it called into question any transaction in which a non-borrower has paid money, pledged collateral or provided a guaranty in...

Ulmer & Berne LLP: Fraudulent Transfer Litigation - The Eleventh Circuit Court of Appeals Deals a Blow to Lenders

By Reuel Ash A highly significant ruling involving fraudulent transfers recently decided by the Eleventh Circuit could have a far-reaching impact on distressed lending and investing. In Senior Transeastern Lenders v. Official Committee of Unsecured Creditors (In re TOUSA, Inc.) , 2012 U.S. App...

Williams Mullen: “Bad Boys, Bad Boys, Whatcha Gonna Do?”: Triggering Full Recourse Liability under Non-Recourse Guaranties

BY: JAMIE WATKINS BRUNO Under the traditional model of real estate financing, lenders typically have two avenues of repayment in the event of a borrower default: exercise of remedies under a deed of trust (or mortgage) encumbering the subject property of the loan and a guaranty given by the principals...

Ballard Spahr LLP: Lender’s Oral Promise to Postpone Foreclosure Unenforceable, Eighth Circuit Holds

By the Consumer Financial Services Group A lender's oral promise to postpone a foreclosure sale of a borrower's home is a "credit agreement" that must be in writing to be enforceable under the Minnesota Credit Agreement Statute (MCA), the U.S. Court of Appeals for the Eighth Circuit...

Ballard Spahr LLP: Borrower Cannot Sue after Three Years To Rescind Mortgage Loan, 10th Circuit Rules

By the Consumer Financial Services Group A borrower cannot bring a lawsuit seeking rescission more than three years after loan consummation, the U.S. Court of Appeals for the 10th Circuit has ruled. In its June 11, 2012, decision in Rosenfield v. HSBC Bank, USA , the 10th Circuit rejected the...

Vetstein Law Group: Averting The Apocalypse: Foreclosing Lenders Avoid Disaster and Given More Options To Foreclose In Eaton v. Fannie Mae Case

By Richard D. Vetstein, ESQ Score One For Lenders and Mortgage Servicers In Long-Awaited Eaton v. Fannie Mae Case The Massachusetts real estate community has been waiting 8 long months for a decision from the Massachusetts Supreme Judicial Court (SJC) in the much anticipated Eaton v. Federal National...

Wells Fargo Bank To Pay $175M To Settle Mortgage Discrimination Claims

WASHINGTON, D.C. - (Mealeys) In what the U.S. Department of Justice is calling the second largest fair lending settlement in the department's history, Wells Fargo Bank NA today agreed to pay more than $175 million to settle claims in a District of Columbia federal court that it discriminated...

BuckleySandler LLP: Oregon Supreme Court Agrees to Address Electronic Mortgage Registry's Role as Beneficiary; Two California Appellate Courts Affirm Electronic Registry's Beneficiary Role

Excerpted from Infobytes , a weekly electronic newsletter on developments in financial services law from BuckleySandler LLP . For the full issue of Infobytes , click here: http://www.buckleysandler.com/infobyte-detail/infobytes-july-27-2012 On July 19, the Oregon Supreme Court accepted certified...

Ballard Spahr LLP: California’s Residential Foreclosure Overhaul Signed Into Law

By Alan S. Petlak On July 11, 2012, California Governor Jerry Brown signed an overhaul to California's foreclosure laws to come into effect on January 1, 2013. The stated purpose of the new legislation is to ensure that, as part of the non-judicial foreclosure process, borrowers are considered...

BuckleySandler LLP: Lender Settles TILA, UDAP Claims Over HELOC Reductions

Excerpted from BuckleySandler LLP's InfoBytes Blog, which monitors and reports on news, legal developments and legislative actions affecting the financial services industry. For more Infobytes , click here: http://www.infobytesblog.com/ . On August 31, a lender preliminarily settled with a class...

Ballard Spahr LLP: Borrowers Must Bring Claims for Unfair Mortgage Lending Practices during Foreclosure Proceeding, N.J. Court Rules

By the Consumer Financial Services and Mortgage Banking Groups Under New Jersey's "Entire Controversy Doctrine," borrowers alleging unfair mortgage lending practices must raise such claims during the foreclosure proceeding itself. In Napoli v. HSBC Mortgage Services, Inc. , the...

10 Mortgage Servicers To Pay $8.5B To Help Foreclosure Victims

WASHINGTON, D.C. - ( Mealey's ) The Federal Reserve Board and Office of the Comptroller of the Currency yesterday announced that 10 mortgage servicing companies that have been subjected to enforcement orders since April 2011 over their foreclosure practices have agreed to pay a total of $8.5 billion...

Vetstein Law Group: Backdated Mortgage Assignment Comes Back To Haunt Foreclosure Lender in Juarez v. Select Portfolio

By Richard D. Vetstein, ESQ Federal Appeals Court Reinstates Borrower's Wrongful Foreclosure Claim Noted Massachusetts foreclosure defense attorney Glenn Russell is on a roll of a lifetime, yesterday [February 12] winning a rare victory on behalf of a borrower at the U.S. Court of Appeals for...

Troutman Sanders LLP: North Carolina Court of Appeals Forestalls Borrower’s Attempt to Collaterally Attack Foreclosure Proceeding

By John C. Lynch and D. Kyle Deak On Plaintiff's appeal of dismissal of his Complaint seeking to challenge the authority of the lender to foreclose, the Court of Appeals affirmed the Superior Court's dismissal and found that Plaintiff's failure to properly and timely appeal the Order of...